Do Kwon just moved $250k worth of USDC to a strange wallet a few days after a South Korean court issued a warrant for his arrest.
Do Kwon, founder, and CEO of now-defunct Terraform Labs, has recently found himself under the heat of the law. Following the Terra debacle in May, the 31-year-old software developer came under fire for his approach to handling the situation. Notwithstanding, there was never an official warrant for his arrest until recently.
Now, recent reports show that the Terra boss is secretly moving his funds, as proponents believe he needs to bankroll his “life on the run.” The development was highlighted by a Blockchain advocate and Assistant Professor at Hansung University, Jaewoo Choo.
“Do Kwon just moved 250k USDC to a mysterious account,” Choo said in a tweet Tuesday, sharing the transaction details.
Do Kwon just moved 250k USDC to a mysterious account.https://t.co/Rv0keaKh0D
— 조재우(Jaewoo Cho)⚡️ (@clayop) September 20, 2022
Per data from etherscan, the address 0xda44200196cfb3416bf011eed608f354804337ba, which belongs to Kwon, transferred a whopping $250k worth of USDC to an unknown wallet on Tuesday by 7:47 AM (UTC).
Following the transfer, the wallet has a balance of over $31M worth of USDC and ETH as of press time. The transaction has sparked reactions in the crypto community, with renowned Terra informant FatMan being the most vocal of the bunch.
“Life on the run must be demanding. Are his main accounts being monitored?” FatMan said, commenting on the development. He further highlighted the fact that the wallet still has over $30M as a balance, informing the community that Do Kwon is not as poor as he has made everyone believe.
After a few months of inactivity, Do Kwon just moved $250K out of one of his shadow wallets. Life on the run must be demanding. Are his main accounts being monitored?
Fun fact: he has a cool $30M sitting in that wallet alone. He's not nearly as poor as he wants you to believe. https://t.co/f8Ns2eRsLS
— FatMan (@FatManTerra) September 20, 2022
“To be clear, this is just one wallet and a personal wallet at that. The vast majority of cashouts happened through TFL-denoted accounts, not shadow wallets, so this amount is likely a drop in the bucket,” FatMan added.
Recall that Do Kwon noted that he lost almost all his money in the Terra debacle in an interview with the Wall Street Journal in late June. Before the WSJ interview, Kwon mentioned that he bet big and lost in the Terra project in his first-ever interview following the Terra collapse.
His wallet balance and FatMan’s recent allegations suggest that Kwon might have more to his name than he is letting the public believe. Additionally, the recent need for money has fueled the belief that he might be on the run.
As previously reported by The Crypto Basic, South Korean authorities debunked Kwon’s claims of cooperating with them. According to the authorities, the Terra boss, who the Singapore police confirmed was no longer in the country, is currently on the run from the law. These remarks follow Kwon’s claims that he is willing to cooperate with the relevant authorities.
Following the arrest warrant issuance on September 14, South Korean prosecutors have kept their eyes out for Do Kwon. As part of the efforts to get him, the prosecutors have requested a red notice alert from Interpol for Kwon.